With the rise in demand and popularity of accumulating digital assets, many financial institutions have taken steps to meet this particular need of customers by acting as crypto custodians or facilitating crypto purchases using bank accounts. However, financial providers will continue to manage the risk of trading high-risk and volatile assets by restricting crypto transactions to authorized exchanges.
Here is a list of our 5 best crypto-friendly business banks.
- Best overall crypto-friendly bank: Mercury
- Best bank for institutional investors seeking a cryptocurrency custodian: U.S. Bank
- Best traditional bank with a blockchain platform: Chase
- Best for international-based firms with frequent transfers: Revolut
- Best for UK-based companies: Monzo
Best crypto-friendly banks quick comparison
The table below reflects the top factors we evaluated for the 10 best crypto-friendly business banks.
Mercury: Best overall crypto-friendly bank
Our rating: 4.34 out of 5
Catering to crypto startups and web3 companies, Mercury is a fintech with a comprehensive understanding of blockchain-based firms. You can simplify your financial management with its advanced tech features, such as automated accounting, risk-management tools, and customized user access. Its robust business banking solution includes a fee-free business checking account with no monthly fees and unlimited transactions. If your company has large balances, you can access FDIC coverage of up to $5 million through sweep networks.
Why we chose it
Mercury is our overall best bank for crypto-friendly banks because it offers a streamlined business checking account that helps you manage your funds easily. You can transfer money to crypto exchanges, create recurring payments, and attach receipts on the app. While Mercury does not let you hold crypto, you can make crypto purchases without restrictions through your Mercury account. Wire processing and crediting will also be easy for crypto exchanges, such as Gemini and Coinbase, when you send wires from your Mercury account since it will show your business name as the wire sender.
Mercury does not charge inbound and outbound wires, whether domestic or international. Aside from wire transfers, you can deposit money or make vendor payments through ACH and checks. Note that you cannot deposit cash into your Mercury account.
Monthly fee
- Mercury Business Checking: $0.
- Mercury Plus: $35.
- Mercury Pro: $350.
Features
- Unrestricted crypto purchases.
- Physical and virtual debit cards.
- 14 subaccounts.
- QuickBooks, Netsuite, and Xero accounting software integrations.
- Compatible with Shopify, Stripe, Square, Zapier, Amazon, and PayPal.
- Advanced accounting automation is available under a subscription plan.
- Mercury investor database, Mercury Raise program, and SAFE
available.
Pros and cons
| Pros | Cons |
|---|---|
| Unlimited transactions and no monthly fees for Mercury business checking. | No cash deposit support. |
| No restrictions for crypto purchases. | Cannot open sole proprietorship and trust accounts. |
| FDIC insurance coverage of up to $5 million. | Checking and savings accounts are non-interest bearing. |
U.S. Bank: Best bank for institutional investors seeking a cryptocurrency custodian
Our rating: 4.32 out of 5
U.S. Bank is a traditional bank offering cryptocurrency custody for institutional investors. It has three regular business checking accounts, a specialized nonprofit checking, and an analyzed checking account. As a full-service bank, it provides merchant and cash management services, along with a solid selection of lending products and high-yield business money market accounts.
Why we chose it
We included U.S. Bank in our list of the best crypto-friendly banks since it has filled in the niche custody needs of institutional investors looking for a reliable bank that meets banking regulatory compliance to safeguard their crypto assets. Clients will no longer need to divide their asset portfolio among different custodians and can house all their crypto, cash, and traditional securities in one place. As a widely trusted bank operating for over 150 years, you can be reassured that U.S. Bank will protect its long-established reputation by safekeeping crypto assets through its technology partner and industry-leading Bitcoin expert firm, New York Digital Investment Group (NYDIG).
Small businesses can apply for U.S. Bank’s Silver Business Checking account and enjoy no monthly fees and a 125 fee-free transaction allowance each month. The bank offers a bonus of up to $900 when you open a new, eligible U.S. Bank business checking account online (promo code: Q4AFL24) and complete qualifying activities, subject to certain terms and limitations — offer valid through January 15, 2025. Member FDIC.
Monthly fees
- Silver Business Checking: $0
- Gold Business Checking: $20; waivable by having any of these:
- A U.S. Bank Payment Solutions Merchant account.
- $10,000 average collected balance.
- $20,000 combined average collected business deposit balances.
- $50,000 combined average collected business deposits and outstanding credit balances.
- Platinum Business Checking: $30; waivable by having any of these:
- $25,000 average collected checking balance.
- $75,000 combined average collected business deposits and outstanding credit balances.
Features
- Cryptocurrency custody services for institutional clients.
- Multiple business checking and savings options available.
- QuickBooks and ADP integrations.
- Zelle, point-of-sale (POS) solutions, and cash management services.
- Overdraft protection.
- Check fraud prevention services.
- Merchant services and remote deposit capture.
- Lending options include Small Business Administration loans, lines of credit, term loans, and medical practice financing.
Pros and cons
| Pros | Cons |
|---|---|
| Welcome bonus of up to $900 | Minimal interest is offered for interest-bearing checking products |
| Online account opening. | Steep balances are required to waive monthly fees for high-tier accounts |
| No monthly fee for basic tier checking | Low free cash deposit limit for basic accounts |
| Fee-free withdrawals at the MoneyPass network | $100 opening deposit |
Chase: Best traditional bank with a blockchain platform
Our rating: 4.30 out of 5
Chase is a top-tier traditional bank with its own bank-led pioneering blockchain platform, Onyx. It allows seamless digital asset and information exchange, making it a crypto-friendly financial institution. With Chase, you can access a full suite of business banking products and services, which includes three business checking options. In addition, a wide array of business savings and certificates of deposit, business credit cards, and various loan products are also available. Chase business accounts can be opened online or in one of its 4,700 branches in 48 states.
Why we chose it
We consider Chase among the excellent crypto-friendly banks because you can buy digital assets from authorized exchanges. Although you cannot directly trade crypto on its platform, you can transfer money from your Chase account to invest in digital assets through regulated crypto exchanges or platforms that are compliant with the Financial Crimes Enforcement Network (FinCEN) regulations. Businesses with regular domestic and cross-border payments can also benefit from the bank’s own blockchain and asset tokenization technology, which supports quick payment transfers. The digital token, JPM Coin, facilitates the instant payment transactions of institutional clients.
To access Chase’s business banking solutions, you can open a basic tier checking account, Chase Business Complete Banking. You will get 20 paper transactions, unlimited electronic transactions, and a monthly cash deposit limit of $5,000. New account holders can also earn a $300 cash back bonus by completing qualifying activities.
Monthly fees
- Chase Business Complete Banking: $15; waivable by having any of these:
- $2,000 average daily balance.
- $2,000 Chase Ink Business Cards spend.
- $2,000 in deposits from Chase QuickAccept or other eligible Chase Payment Solutions transactions.
- Chase Private Client Checking account.
- Qualifying proof of military status.
- Chase Performance Business Checking: $30; waivable by meeting a $35,000 or greater combined average daily balance (ADB) in qualifying business deposit accounts.
- Chase Platinum Business Checking: $95; waivable by meeting a $100,000 combined ADB across qualifying business deposit and investment accounts. With a linked Private Client Checking account, the required ADB is $50,000.
Features
- Onyx, Chase’s blockchain platform.
- Digital banking and branch locations in 48 states.
- Free associate and employee debit cards upon request.
- Chase Bank QuickBooks integration.
- Built-in card acceptance through its mobile app.
- Fraud protection services.
- Payment and invoicing services via Chase Payment Solutions.
- Online and branch customer support.
Pros and cons
| Pros | Cons |
|---|---|
| $5,000 free cash deposits monthly for entry-level accounts. | No interest earnings. |
| Unlimited electronic transactions | Only 20 fee-free paper transactions. |
| $300 cashback bonus for new accounts (conditions apply). | $3 ATM fee when using nonnetwork (waived for higher-tier accounts). |
| No required opening deposit and minimum balance. | High balances to waive the monthly fees for premium checking accounts. |
Revolut: Best for international-based firms with frequent transfers
Our rating: 4.26 out of 5
The fintech Revolut supports companies based outside of the U.S.
U.S. companies are not allowed to buy, sell, or hold crypto with Revolut as of October 23, 2023.
in buying and selling 120-plus tokens, which include Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Polkadot (DOT), Polygon (MATIC), Ripple (XRP), and Solana (SOL). Trading fees
Tiered pricing is based on total trade value over 30 days.
 are low and can vary depending on your plan. Apart from crypto services, Revolut offers multi-currency accounts, allowing you to accept payments worldwide and access your funds quickly. U.S. business owners can still open business accounts and benefit from fee-free and low-cost local and international transfers.
Why we chose it
Even with Revolut’s restricted crypto services in the U.S., we still find Revolut one of the best banks for cryptocurrency since overseas-based companies can move multiple tokens from their wallets to Revolut easily. What gives Revolut an edge over other financial providers is that users can trade in-app through Revolut X, its dedicated exchange. You can participate in advanced trading and take advantage of flat fees (0% to 0.09%), no matter your trading volume. Switching from fiat money
Fiat money refers to a currency set as legal tender by the government and is not backed by commodities, such as gold or silver.
 to crypto is also easy without limits. If you need more in-depth analytics, trading view charts are accessible. For additional support, Revolut’s customer service is available 24/7 through an encrypted chat.
Revolut’s business accounts provide many advantages and savings. You can open local accounts in USD, EUR, CHF, and GBP, hold and exchange over 25 currencies, and spend in 150 currencies. Local and international transfer fees are also low. In addition, Revolut offers an expense management tool that lets you monitor your business spending easily. Available Revolut company accounts are Basic, Grow, Scale, and Enterprise.
Monthly fees for UK business accounts
- Basic: ÂŁ0.
- Grow: ÂŁ19.
- Scale: ÂŁ79.
- Enterprise: Custom.
Features
- Crypto services for companies based outside the US.
- Dedicated crypto exchange platform, Revolut X.
- Physical cards and virtual cards.
- Multiple available local account options–USD, EUR, CHF, and GBP.
- Savings with APY.
- QuickBooks, Xero, and Sage integrations.
- Forward currency contracts with locked-in fixed rates for 12 months.
- Various payment acceptance tools.
Pros and cons
| Pros | Cons |
|---|---|
| No monthly fees for basic checking. | Fee-free international transfer allocations exclusive to paid plans. |
| Hold and exchange over 25 currencies. | 2% ATM withdrawal fees regardless of amount. |
| Speedy local and international payments with free transaction allowances depending on your plan. | The cash deposit option is not available outside the US. |
Monzo: Best for UK-based companies
Our rating: 4.16 out of 5
Monzo is among the UK’s largest digital banks and is fully regulated by the Finance Conduct Authority (FCA). Similar to other traditional banks on this list, direct trading of crypto is unavailable, but you can use your bank account to transfer funds to an authorized crypto exchange. Monzo has two types of business checking accounts, Lite and Pro. Its basic tier checking, Lite, provides fee-free bank transfers and has no monthly fee. If you seek more features from your checking account, its higher-tier product comes with integrated accounting, invoicing, multi-user access, virtual cards, and more.
Why we chose it
We picked Monzo as part of our best crypto-friendly banks given its popularity as a digital-only bank among users. It was rated recently as Britain’s top bank in an independent survey conducted by Ipsos. The bank took the top spot for overall service quality and online and mobile banking services. Using the app-based Monzo to purchase crypto is convenient since customers can use different payment options, such as bank transfers, Faster Payments
Faster Payments is a method of sending money electronically in the UK. Payments are processed in real time and initiated through online, mobile or telephone banking.
, and debit cards. What’s more, the bank lets you integrate your exchange accounts for easy viewing of your crypto portfolio together with your banking transactions.
Monthly fees
Features
- Xero, QuickBooks, and FreeAgent integrations.
- Accepts contactless payments.
- Easy and free (till 2025) bank transfers.
- Business debit card.
- Offers subaccounts via Pots.
- Monthly interest earnings from Savings Pot.
- Digital receipts.
- International transfer to 70-plus countries.
Pros and cons
| Pros | Cons |
|---|---|
| No monthly fee for a Lite account. | ÂŁ1 cash deposit fee at PayPoint or Post Office branch |
| Up to ÂŁ85,000 FSCS protection for eligible deposits. | Business loans are unavailable. |
| Top-rated digital bank. | 1% currency conversion fee for payments in foreign currency (not GBP). |
How to choose the best crypto-friendly banks
We looked at the following factors when evaluating and assigning a rating for the best crypto-friendly banks:
- Cryptocurrency support services.
- In-app trading platforms.
- Transaction fees.
- Business products and services offered.
- Monthly fees and waiver conditions.
- ATM fees and transaction limits.
- ATM network availability.
- Cash deposit options.
- Account features.
- Customer support availability.
- App ratings.
Methodology
Before completing the list of the best crypto-friendly business bank accounts, we reviewed the bank’s crypto support services and available trading platforms, business checking products, and fee structure, which include monthly fees, transaction fees, and ATM fees. In addition, we looked at the ease of account opening and checked the availability of customer support, additional banking products, account features, and app ratings. Cash deposit options and available methods of transferring funds were also evaluated.
Frequently asked questions
Which banks let you buy cryptocurrency?
Crypto-friendly banks include Chase, U.S. Bank, and Monzo, which allow customers to transfer money from their bank accounts to transact at authorized crypto exchanges.
What is the easiest way to withdraw crypto to a bank?
The simplest way to withdraw crypto to your bank account is to cash out your crypto using a licensed cryptocurrency exchange. You just need to click a button to sell your crypto and convert it to cash. Then, you can withdraw from the exchange and deposit the money into your bank account.
What are the limitations of using crypto-friendly banks for cryptocurrency transactions?
Since cryptocurrencies can be volatile and risky, crypto-friendly banks can charge higher for their services. Some may also impose limits on crypto transactions and may block some of them based on risk.
What are the requirements for a bank to be considered crypto-friendly?
To be considered a crypto-friendly bank, you must deliver a range of crypto-related services, such as facilitating deposits and withdrawals for crypto transactions, integrating crypto exchanges to buy and sell crypto from bank accounts, adopting solid security measures for crypto asset protection, and adhering to compliance regulations and risk management for cryptocurrencies.
Read the full article here
